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Article: State Farm will challenge diminished value claims
- Article from:
- The Pantagraph Bloomington, IL
- Article date:
- January 8, 2002
- Author:
CopyrightCopyright 2002 The Pantagraph Bloomington, IL. Provided by ProQuest LLC. (Hide copyright information)
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BLOOMINGTON - An agreement to pay a $250 million settlement in
Georgia does not mean State Farm Insurance Cos. will stop contesting
the so-called diminished value claim in other cases.
The settlement, announced Friday, ends a two-year-old lawsuit in
which policyholders contended that their vehicles were worth less
after an accident, no matter how well repaired. State Farm agreed to
pay for future claims in Georgia, which could reach $100 million.
"We believe a settlement of the case is in the best interest of
the policyholders and the company," State Farm spokesman Dave Hurst
said Monday. "We wanted to avoid further litigation and court costs
(in Georgia)," he said.
"We continue to believe ...